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Zale Closing Baily Banks Units

DALLAS-The specialty retailer's parent company, Zale Corp., will close 30 to 35 underperforming Bailey Banks & Biddle units after the holidays.

By Jennifer D. Duell | Updated on August 31, 2005

DALLAS-Zale Corp. announced that it will close 30 to35 underperforming Bailey Banks & Biddle stores afterthe holiday season. Currently, there are about 110of those units in 31 states.

“Our plan has been to reduce the number ofunderperforming stores mostly through leaseexpirations, but we felt it necessary to acceleratethis process, allowing us to focus capital, inventoryand other resources on the most appropriate andproductive stores,” said Zale Corp.’s president and CEOMary L. Forte during the company’s fourth quarterfiscal 2005 earnings conference call.

“While the decision to close these underperformingstores was a difficult one, the net effect from theclosings will be a stronger Bailey Banks & Biddlebrand,” Forte said. The chain will post a $13 millioncharge in 2006 for the closings, an impact of 25 centsper diluted share.

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